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Financial News: Hungary Consumer Prices Surge In May

Hungary Consumer Prices Surge In May

06/08/2022 - 05:51:00 (RTTNews)

(RTTNews) - Hungary's consumer price inflation increased sharply in May, led by higher prices for food and consumer durable, data from the Hungarian Central Statistical Office showed on Wednesday.

The consumer price index rose 10.7 percent year-on-year in May, following a 9.5 percent increase in April. Economists had expected a 10.5 percent rise.

Inflation accelerated for a fifth straight month.

Price for food grew 41.4 percent annually in May and those of alcoholic beverages and tobacco rose 6.4 percent. Prices for consumer durable and services grew by 11.4 percent and 6.8 percent, respectively.

On a month-on-month basis, consumer prices rose 1.7 percent in May, following a 1.6 percent increase in the prior month.

Core consumer prices rose 12.2 percent annually in May. Economists had forecast a rise of 11.1 percent.

On a monthly basis, the core CPI increased 2.2 percent in May.

The EU measure of harmonized index of consumer prices, or HICP, gained 10.8 percent annually in May and rose 1.7 percent from the prior month.

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